(FRCU) Presentation to BAE Systems Apprentices 27 February 2018

29 Pages·2017·1.25 MB·English

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First Rate Credit Union Ltd. (FRCU)
Presentation to
BAE Systems Apprentices
27 February 2018
Authorised and regulated by the Financial Conduct and Prudential Regulator Authorities Reg. No. 213241
Not for Profit - Not for Charity - But for Service.
The team here today
• Martin Newton
• Joe Taylor
• Connor Keefe
• Kev Benfold
• Les Walker
• Tim Thomas
Authorised and regulated by the Financial Conduct and Prudential Regulator Authorities Reg. No. 213241
Not for Profit - Not for Charity - But for Service.
 Introduction & Our history.
 Employees & Volunteers (roles).
 Our service Savings & Loans.
 Current status / key facts.
 How to find us, office locations / opening hours.
 Questions & Answers.
Authorised and regulated by the Financial Conduct and Prudential Regulator Authorities Reg. No. 213241
Not for Profit - Not for Charity - But for Service.
Introduction - 1
What is a Credit Union.
 A “not for profit” co-operative organisation providing savings and loans
for BAE Systems employees.
Who are the First Rate Credit Union?
 The Credit Union is owned by its members, not BAE Systems.
 Every Credit Union has to have a “Common Bond” with it’s members,
ours is “employees of BAE Systems and their families”.
 BAE Systems cooperates with and supports the Credit Union.
Authorised and regulated by the Financial Conduct and Prudential Regulator Authorities Reg. No. 213241
Not for Profit - Not for Charity - But for Service.
Introduction - 2
 We are regulated by the Financial Conduct
Authority, FCA and the Prudential Regulation
Authority (PRA), underpinned by the Financial
Service Compensation Scheme.
 Credit Unions are encouraged by the UK
Government, particularly in the current economic
climate as part of a “financial inclusion” initiative,
to encourage responsible financial behaviour.
 There are generally two types of Credit Unions
o We are an “employee Credit Union”, with
a mutual common bond of employment by
BAE Systems.
o There are also “community Credit Unions”,
which generally rely on sponsorship and
grants and may be based on e.g. residence
or Church congregation.
Authorised and regulated by the Financial Conduct and Prudential Regulator Authorities Reg. No. 213241
Not for Profit - Not for Charity - But for Service.
Our history
 Formed in 1982 registered as British Aerospace (Warton Division) Credit Union Ltd.
 1995 Changed name to Planemakers (Warton Division) Credit Union Ltd.
 2001 Expanded common bond, as FRCU, to cover all UK employees of BAE
Systems.
 2003 21st Anniversary opening of the Warton office (W310).
 2004 Awarded Chairman’s Bronze Award for Innovation and Implementation.
 2006 Established Management Agreement with BAE SYSTEMS.
 2012 30th Anniversary, opening our Samlesbury office (S204).
 2016 New office opened in Barrow March 2016.
 2017 FRCU achieves £12 million in assets (savings & loans)
Authorised and regulated by the Financial Conduct and Prudential Regulator Authorities Reg. No. 213241
Not for Profit - Not for Charity - But for Service.
 Introduction & Our history.
 Employees & Volunteers (roles).
 Our service Savings & Loans.
 Current status / key facts.
 How to find us, office locations / opening hours.
 Questions & Answers.
Authorised and regulated by the Financial Conduct and Prudential Regulator Authorities Reg. No. 213241
Not for Profit - Not for Charity - But for Service.
Employees & Volunteers
Office Manager:
Les Walker (W)
Office Assistants
Melek Thomas (W)
Loans
Connor Keefe (W) Officers
Jackie Lofthouse (S) Kevan Benfold
Nick Caine (B) Ben Aspinall
Compliance
Kevin Mortimer
Joe Taylor John Swainson (B) Treasurer
Tony Olsen
John
Jones
Complaints
Officer
TBC First Rate AGM &
nominations
Credit
Elaine Birtle
Union
Money
Laundering Training
Officer
Steve
Cameron
Internal Audit
Steve Cameron
Hilary Lee
President
Secretary Chairperson John
Tim Thomas Martin Geraghty
Newton
Authorised and regulated by the Financial Conduct and Prudential Regulator Authorities Reg. No. 213241
Not for Profit - Not for Charity - But for Service.
Volunteers
(example roles)
 Who runs the Credit Union if not BAE Systems?
 Volunteers from current and retired BAE Systems employees.
Roles include
 Board of Directors.
 Treasurer.
 Internal Audit.
 Risk & Opportunity.
 Compliance.
 Secretary.
 Staff & Volunteer - Training & Development
 Loans Officer / Credit control. (examples on next slides)
Authorised and regulated by the Financial Conduct and Prudential Regulator Authorities Reg. No. 213241
Not for Profit - Not for Charity - But for Service.
Savings & Loans
• Joe Taylor
• Martin Newton
• Connor Keefe
• Kev Benfold
• Les Walker
• Tim Thomas
Authorised and regulated by the Financial Conduct and Prudential Regulator Authorities Reg. No. 213241